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July 2012 NW Florida Market Update & Statistics

We have seen artificial recoveries in the past, but the consistency of the numbers coupled with the lower days on market, the lower months of inventory, the lower percent of sales price to list price, and fewer short sales and foreclosures are all key indicators of market recovery.

Let’s take a look at June Statistics from the area between Navarre to Panama City and upwards to the State Line – this about 90 miles of beach east to west and about 30 miles north. The majority of the Emerald Coast, a large stretch of land. We have a total of 3179 homes on the market. Of those ONLY 13% are distressed (short sales or foreclosed properties). In the same stretch we have only 1637 condos on the market with only 6% being distressed.

Now let’s look at some of the individual areas:

Destin, SanDestin, & Miramar Beach homes: 58 Homes sold in June averaging $379,000. 8 months supply of inventory. Selling at 6% off list price. In June, 30 of the homes sold obtained loans, and 16 paid cash.

30A homes: 59 Homes sold in June averaging $755,000. 9 months supply of inventory. Selling at 10% off list price. In June, 34 of the homes sold obtained loans, and 20 paid cash.

Navarre & Ft Walton Beach homes: 121 Homes sold in June averaging $224,000. 6 months supply of inventory (Seller’s market indicator!). Selling at 4% off list price. In June, 75 of the homes sold obtained loans through FHA, VA or Rural Housing, and 18 paid cash.

Niceville homes: 57 Homes sold in June averaging $282,000. 4 months supply of inventory (Seller’s market indicator!). Selling at 6% off list price. In June, 33 of the homes sold obtained loans through FHA & VA, and 10 paid cash.

Destin, SanDestin, & Miramar Beach CONDOS: 87 Condos sold in June averaging $347,000. 11 months supply of inventory. Selling at 9% off list price. In June, 27 of the condos sold obtained loans, and 51 paid cash.

30A CONDOS: 25 Condos sold in June averaging $641,000. 8 months supply of inventory. Selling at 10% off list price. In June, 6 of the condos sold obtained loans, and 15 paid cash.

Navarre Beach and Ft Walton Beach CONDOS: 31 Condos sold in June averaging $209,000. 13 months supply of inventory. Selling at 9% off list price. In June, 6 of the condos sold obtained loans, and 20 paid cash.